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A Theory of Mergers and Merger Waves
SSRN Electronic Journal, 2010We consider a sequential merger game between Cournot firms with homogeneous product and quadratic cost function. A large slope of the marginal cost function or a small slope of inversemarket demand are both predicted to increase the incentive to merge.
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Merger waves and the structure of merger and acquisition time-series
Journal of Applied Econometrics, 1992What is the best characterization of mergers and acquisitions time-series? The traditional response is that mergers occur in ‘waves’. I estimate a two-state, Markov switching-regime model which should capture wave structure if it is present in the data.
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Causes and consequences of merger waves [PDF]
, 2002 This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis that sectoral shocks are at the root of merger waves.
Jörn Kleinert, Henning Klodt
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European Financial Management, 2014
AbstractThis study examines whether top managerial executive envy plays an important role in merger waves. Since managerial benefits, especially compensation, always increase with firm size, the envy hypothesis conjectures that top executive officers rush into acquisitions due to their envious psychology once other executives initiate them.
John A. Doukas, Wenjia Zhang
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AbstractThis study examines whether top managerial executive envy plays an important role in merger waves. Since managerial benefits, especially compensation, always increase with firm size, the envy hypothesis conjectures that top executive officers rush into acquisitions due to their envious psychology once other executives initiate them.
John A. Doukas, Wenjia Zhang
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Horizontal Mergers and Merger Waves in a Location Model
Australian Economic Papers, 2001We consider sequential mergers in a spatial model with Cournot competition. This model is suitable for explaining the behaviour of some industries where several brands of the same product are delivered by plants. The automobile and oil product industries are examples. To discuss sequential mergers, we use the method of Nilssen and Sørgard (1998).
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Academy of Management Proceedings, 2020
In this study, we examine the link between the industry-specific optimism and the formation of merger waves as well as the impact of firm-specific optimism on mergers’ value destruction.
Tian Han +4 more
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In this study, we examine the link between the industry-specific optimism and the formation of merger waves as well as the impact of firm-specific optimism on mergers’ value destruction.
Tian Han +4 more
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Strategic merger waves: A theory of musical chairs [PDF]
Journal of Economic Theory, 2003 This paper proposes an explanation of merger waves based on a dynamic preemption game. A set of acquirers compete over time for scarce targets. At each point in time, an acquirer can either postpone a takeover attempt, or raid immediately. By postponing the takeover attempt, an acquirer may gain from more favorable future market conditions, but runs ...
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The Dynamics within Merger Waves - Evidence from Industry Merger Waves of the 1990s
2005The objective of this study is to investigate the dynamics within merger waves. For a sample of 1025 bids that occur in 18 industry merger waves, we measure how the returns to bidders and rivals change, as a wave is ongoing. In the first half of a wave, bidders (rivals) experience an average abnormal return of 1.5562% (0.3124%), however at late wave ...
Volker Floegel +2 more
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Market Valuation and Merger Waves
The Journal of Finance, 2002ABSTRACTDoes valuation affect mergers? Data suggest that periods of stock merger activity are correlated with high market valuations. The naïve explanation that overvalued bidders wish to use stock is incomplete because targets should not be eager to accept stock.
Matthew Rhodes-Kropf, S. Viswanathan
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Merger waves following industry deregulation
Journal of Corporate Finance, 2010Deregulation is endogenous. It is preceded by poor industry performance and is predictable with performance variables. These results imply that merger activity following deregulation should be systematically related to poor pre-deregulation industry performance.
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